Choose the Right Prime Journal

When creating financial transactions, the purpose of your journal will drive the Prime Journal-selection process.  Our in-depth Choose the Right Journal Presentation has helpful decision trees and realistic scenarios to guide you to the correct Prime Journal to use for your transaction.  You may also visit the Employee Learning Center and register for the Choose the Right Journal class.

Purpose of Journals

There are four main reasons why you may need to create a Prime Journal. The type of Prime Journal you choose depends on the purpose, and other financial management considerations.

Purpose

Purpose Description with Examples

Use Prime Journal Type(s)

1 : Contribute / Allocate to Another Chartstring

You have monies available and want to make a contribution or allocation to another chartstring.

  • Contribution or allocation to another department or student organization.
  • Allocate funds to a specific initiative (Program).

Assignment or Transfer

Choice depends on:

  • Dollar Amount
  • Fund Classification
  • Fund Type

2: Manage a Negative Chartstring Balance

You want to make an allocation to another chartstring to alleviate a negative balance.

  • Eliminate a negative balance.

Assignment, Transfer or Cost Transfer/Correction

Choice depends on:

  • Dollar Amount
  • Expenses Posted
  • Fund Classification
  • Fund Type

3: Move a Posted Transaction (Correction)

You want to move expenses or revenues from one chartstring to another.

  • Move expenses or revenues incorrectly posted to a chartstring.
  • Reclass a transaction.
  • Eliminate a negative balance.

Cost Transfer/Correction or Standard

Choice depends on:

  • Fund Type
  • Number of Original Transactions

 

4: Charge, Pay, or Allocate Expense within the University

You have to record a new or original transaction to another University chartstring.

  • Charge or pay another department for a good or service provided.
  • Allocate an expense charged to a chartstring based on usage.

Cost Transfer/Correction or Standard

Choice depends on:

  • Fund Type
  • Number of Original Transactions
  • Type of Transaction

 

Prime Journal Types

There are four types of Prime Journals you can use to create a financial transaction. The purpose of your transaction, and other fund management considerations, drive your choice.